Call the NCUA suit against WesCorp's outside directors the warning shot that, whether the NCUA wins or loses that case, makes clear one fact. Serving on a credit union board involves risks, responsibilities, accountability and losses when the job is not done well.

New, more stringent rules apply to directors, and a bottom line reality is that the rules do apply. Said Stuart Perlitsh, CEO of Glendale Area Schools Federal Credit Union: "Just because you weren't paid doesn't entitle you to make stupid decisions."

"It does not matter that you are an unpaid volunteer. There is no difference under the law. Director responsibility is not defined by whether you are paid or not," added Fred Becker, CEO of NAFCU.